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Finance

World's top central banks offer three-month dollar credit to calm market

Central banks of US, euro zone, Canada, Britain, Japan, Switzerland coordinate

The move was designed to bring down the price banks and companies pay to access U.S. dollars.   © Reuters

FRANKFURT(Reuters) -- The central banks of the United States, the euro zone, Canada, Britain, Japan and Switzerland agreed on Sunday to offer three-month credit in U.S. dollars on a regular basis and at a rate cheaper than usual.

The move, accompanying a second surprise rate cut by the Federal Reserve in as many weeks, was designed to bring down the price banks and companies pay to access U.S. dollars, which has surged in recent weeks as a coronavirus pandemic spooked investors.

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